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Strategies & Market Trends : Value Investing

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To: geoffrey Wren who wrote (10383)	4/20/2000 1:52:00 AM
From: Michael Burry	Read Replies (2) of 78507

This is the top of the cycle for CNF and its ilk. Same goes for Maytag. So do you buy cyclicals at 9 times peak earnings? Or do you wait for 4000 times trough earnings or N/A. Rather, how about Clayton Homes, which trades at 9X earnings and just announced in its conference call this past week that these might be trough earnings? I know CNF well, and of course the idea of investing in it or Maytag + Hoover just sounds right to a value investor in a tech-manic world. But it may not be profitable, IMO. Or at least not as profitable as investing in them at another time in the cycle. Good investing, Mike

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